China Investment Corp, the country’s biggest sovereign wealth fund, bought retail properties in France and Belgium valued at about €1.3 billion from a fund managed by CBRE Global Investors.
CIC acquired the properties with affiliates of AEW Europe, according to a statement Monday. The deal includes two shopping centers near Antwerp, Belgium, as well as malls, a retail park and other stores across France, CBRE Global Investors said.
International investors are buying retail properties in mainland Europe to take advantage of a nascent economic recovery. Offices, shops and logistics buildings valued at €87.3 billion changed hands in the first quarter, 25 per cent more than a year earlier, according to data compiled by BNP Paribas Real Estate.
The properties sold by the CBRE fund have 221,000 square metres of space rented to retailers.
News by Bloomberg, edited by ESM
